Why Is Crown Castle (CCI) Up 6.9% Since the Last Earnings Report?

It has been about a month since the last earnings report for Crown Castle International Corporation CCI . Shares have added about 6.9% in that time frame, outperforming the market.

Will the recent positive trend continue leading up to the stock’s next earnings release, or is it due for a pullback? Before we dive into how investors and analysts have reacted as of late, let’s take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.

Crown Castle Beats on Earnings and Revenues in Q1

Crown Castle reported first-quarter 2017 earnings per share of $1.24, beating the Zacks Consensus Estimate of $1.16. Likewise, GAAP net income rose a whopping 149% year over year to $119.1 million.

Revenues

Total revenue in the quarter increased 8.7% year over year to $1,015.9 million, beating the Zacks Consensus Estimate of $1,009 million. Site Rental Segment quarterly revenues were $856.9 million, up 7.2% year over year. Network Services Segment quarterly revenues were $159 million, up 17.7% year over year.

Operating Metrics

Quarterly operating income came in at $256.5 million compared with $211.7 in the year-ago quarter. Total operating expenses rose to $759.4 million from $722.6 million in the year-ago quarter. Operating margin in the reported quarter was 25.3% compared with 22.7% in the year-ago quarter. Quarterly adjusted EBITDA was approximately $581 million, representing a year-over-year increase of 7.8%.

Cash Flow

During the first quarter of 2017, funds flow from operations (FFO) totaled $400.9 million compared with 316.3 million in the prior-year quarter. Quarterly adjusted funds flow from operations (AFFO) was $450.2 million compared with $395.2 million in the year-ago quarter.

Balance Sheet

At the end of the first quarter of 2017, Crown Castle had cash and cash equivalents of approximately $205.2 million on its balance sheet compared with $567.6 million…

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